The San Mateo, Calif-based company completed its acquisition of a majority stake in fund of hedge funds manager K2 Advisors from private equity shop TA Associates. Franklin Templeton will also, beginning in 2016, acquire the remainder of K2 over a multi-year period.

Franklin Templeton said in a press release that K2 Advisors will use the proceeds from the acquisition to purchase all equity currently owned by TA Associates and to retire debt all of K2's debt obligations.